The index for all items less food and energy increased 0.3 percent in January. The shelter index increased 0.2 percent as the indexes for rent and owners' equivalent rent both rose 0.3 percent, while the index for lodging away from home declined 2.0 percent over the month.

The index for motor vehicle insurance continued to rise in January, increasing 1.3 percent, its largest 1-month increase since November 2001.The personal care index rose 0.5 percent; this was its largest increase since January 2015. The used cars and trucks index also continued to rise, advancing 0.4 percent in January. The indexes for household furnishings and operations, education, and tobacco also increased in January.

A few indexes declined in January, including airlines fares, which fell for the third consecutive month, decreasing 0.6 percent. The new vehicles index decreased 0.1 percent. The indexes for recreation, communication, and alcoholic beverages were all unchanged in January.

If the fate of the stock market, and every other global asset for that matter, is so utterly sensitive to a handful of basis points either way on the 10-year Treasury, then it’s in an even bigger bubble than analysts are copping to. And we should cease and desist arguing fundamentals.